14 July 2020director interest notice● Neutral
VNOM Sub, Inc. director Steven E West received 9,970 shares as part of the equity award.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
14 July 2020director interest notice● Neutral
VNOM Sub, Inc. director Armour Spencer D III received 9,970 shares as part of the equity award.
14 July 2020director interest notice● Neutral
VNOM Sub, Inc. director Rubin James L. received 9,970 shares as part of the equity award.
14 July 2020director interest notice● Neutral
VNOM Sub, Inc. director Grover Rosalind Redfern received 9,970 shares as part of the equity award.
14 July 2020director interest notice● Neutral
VNOM Sub, Inc. director William Wesley Perry received 9,970 shares as part of the equity award.
23 June 2020director interest notice● Neutral
VNOM Sub, Inc. President Van't Hof Matthew Kaes bought 2,000 shares on the open market at $11.27.
15 May 2020debt financing▼ BadMajor
On May 11, 2020 a fifth amendment to the revolving credit agreement cut the borrowing base from $775 million to $580 million, reversing the November 2019 increase. It also bars the borrower and guarantors from holding more than $75 million of cash when borrowing or issuing letters of credit. The filing calls it the scheduled May 2020 review and does not state the reason or the amount drawn.
8 May 2020quarterly activities report▼ Bad
VNOM Sub, Inc. reported quarterly revenue of $32.7 million and a net loss of $21.8 million for the period ended 2020-06-30.
4 May 2020quarterly activities report▼ Bad
VNOM Sub, Inc. reported quarterly revenue of $32.7 million and a net loss of $21.8 million for the period ended 2020-06-30.
3 Mar 2020director interest notice● Neutral
VNOM Sub, Inc. Exec. VP, Gen Counsel and Sec Zmigrosky Matt had 1,638 shares withheld for taxes on vesting stock.
28 Feb 2020director interest notice● Neutral
VNOM Sub, Inc. President Van't Hof Matthew Kaes had 9,262 shares withheld for taxes on vesting stock.
28 Feb 2020director interest notice● Neutral
VNOM Sub, Inc. Chief Executive Officer Stice Travis D. had 6,279 shares withheld for taxes on vesting stock.
14 Feb 2020substantial holder notice● Neutral
Capital World Investors ** reported a VNOM Sub, Inc. shareholding of 3,721,763 shares (5.90% of votes) in a periodic institutional filing.
11 Feb 2020quarterly activities report▼ Bad
VNOM Sub, Inc. reported quarterly revenue of $78.7 million and a net loss of $142.2 million for the period ended 2020-03-31.
8 Jan 2020substantial holder notice● Neutral
Wellington Management Group LLP, Wellington Group Holdings LLP, Wellington Investment Advisors Holdings LLP, Wellington Management Company LLP reported a VNOM Sub, Inc. shareholding of 9,179,000 shares (14.65% of votes) in a periodic institutional filing.
17 Dec 2019director interest notice● Neutral
VNOM Sub, Inc. President Van't Hof Matthew Kaes sold 2,500 shares at $24.85.
5 Dec 2019debt financing▲ Good
On November 29, 2019 a fourth amendment to the revolving credit agreement raised the borrowing base (the cap on borrowing) from $725 million to $775 million. This was the scheduled November 2019 review flagged earlier, and it resolves that open item. The filing does not say how much is drawn.
30 Oct 2019quarterly activities report● Neutral
VNOM Sub, Inc. reported quarterly revenue of $71.8 million and net income of $7.9 million for the period ended 2019-09-30.
30 Oct 2019quarterly activities report● Neutral
VNOM Sub, Inc. reported quarterly revenue of $71.8 million and net income of $7.9 million for the period ended 2019-09-30.
17 Oct 2019security holder rights change● NeutralMajor
The $500 million of 5.375% senior unsecured notes due November 1, 2027 closed on October 16, 2019, as expected in the October 10 pricing. The proceeds were lent to the operating company to repay revolver borrowings. The notes are guaranteed by the operating company (not by Diamondback or the general partner), rank behind the secured revolver, and the indenture limits things like new debt, distributions and asset sales. Interest is paid each May 1 and November 1, starting May 1, 2020.
10 Oct 2019debt financing● NeutralMajor
On October 10, 2019 the company priced an upsized $500 million of 5.375% senior unsecured notes due 2027 at par (net about $492 million, closing expected October 16), with proceeds to repay revolver borrowings. A third credit agreement amendment on October 8 lifted the limit on unsecured notes from $400 million to $1 billion and allowed up to $500 million of notes before the November 2019 borrowing base review without a borrowing base cut. This continues the October 7 notes proposal, upsized by $100 million, and replaces part of the bank debt with fixed-rate notes.
7 Oct 2019asset acquisition disposition● NeutralMajor
On October 1, 2019 the company completed the Drop-Down Acquisition from Diamondback subsidiaries (about 5,490 net royalty acres) for about 18.3 million new Class B units, about 18.3 million new operating company units and $190.2 million in cash, valued at $740.2 million; the borrowing base rose by $125 million to $725 million. It also disclosed about $193.6 million of third-party mineral purchases in Q3 2019, the Santa Elena deal still pending, and a proposed $400 million senior notes offering to repay revolver borrowings. The new Class B units dilute existing holders and increase Diamondback's stake.
30 Sept 2019debt financing▲ Good
On September 24, 2019 the revolving credit agreement was amended a second time so the borrowing base automatically rises by $125 million once the pending acquisition of mineral and royalty interests from Diamondback subsidiaries (the 'Drop-Down Acquisition') closes, which was expected in Q4 2019. This ties the credit line to that parent-company deal, which had not been described in earlier filings seen here.
13 Sept 2019capital raising announcement▲ GoodMajor
On September 9, 2019 the company agreed to buy about 1,358 net royalty acres in Glasscock and Martin counties (Midland Basin) from Santa Elena Minerals, LP, an unrelated seller, for $150 million paid entirely in new common units, about 5.2 million at $29.02 per unit. Closing is expected in Q4 2019 with an October 1 effective date; the seller waives Q4 2019 distributions on those units and is locked up for 180 days, so this issues new units (dilution for existing holders) rather than using cash or debt. Production from the assets was about 1,400 BOE/d in Q2 2019.
1 Aug 2019quarterly activities report● Neutral
VNOM Sub, Inc. reported quarterly revenue of $71.8 million and net income of $7.9 million for the period ended 2019-09-30.
30 July 2019quarterly activities report● Neutral
VNOM Sub, Inc. reported quarterly revenue of $72.2 million and net income of $2.3 million for the period ended 2019-06-30.
12 July 2019director interest notice● Neutral
VNOM Sub, Inc. insider Rubin James L. received 3,257 shares as part of the equity award.
3 July 2019debt financing▲ Good
On June 27, 2019 the company's operating subsidiary and Wells Fargo (with the lenders) amended the revolving credit agreement, raising the borrowing base (the cap on what it can borrow) from $555 million to $600 million. This was the scheduled May 2019 review of the facility; it adds borrowing room but the filing does not say how much is drawn.
9 May 2019director interest notice● Neutral
VNOM Sub, Inc. President Van't Hof Matthew Kaes sold 2,500 shares at $31.65.
1 May 2019quarterly activities report● Neutral
VNOM Sub, Inc. reported quarterly revenue of $72.2 million and net income of $2.3 million for the period ended 2019-06-30.